Bow Wave backs GCash
Globe Fintech Innovations (Mynt), the Fintech arm of e-wallet platform GCash , has received a capital investment from ASP Philippines, a limited partnership fund managed by investment firm Bow Wave. Mynt raised over $175 million in capital from Bow Wave and its existing shareholders in multiple tranches, with post-money valuation of the final tranches at close to $1 billion.
Founded in 2015, GCash provides Filipinos with digital financial tools and services through its mobile wallet. Users are able to maximize the use of their mobile wallets to transact physically and online, to purchase airtime load, to open deposit accounts, to save and invest in money market funds, and to acquire insurance products. According to the company, it has over 33 million users.
“This investment from Bow Wave is a validation of both what we have accomplished as well as the potential of GCash in unlocking digital services in the Philippines. The pandemic has acted as a catalyst in highlighting the importance of digital finance in society today and with this investment from Bow Wave, we look forward to further living out our vision of finance for all, enabling democratized access to payment and financial services to every Filipino.” – Martha Sazon, President and Chief Executive Officer of Mynt.
“We have made significant gains in 2020 that further cemented our status as the leading Finance app in the country. We are further encouraged by the fact that Mynt’s momentum has continued, even as the country moved out of quarantine restrictions, suggesting a fundamental shift in our customers’ behavior towards a cashless lifestyle. We are confident in Mynt’s future prospects as a unicorn in the Philippines.” – Ernest L. Cu, Chairman of the Board of Mynt.
Bow Wave is a close-ended private equity fund with a mandate to invest globally in online and mobile payment ecosystem companies. Bow Wave’s investment in Mynt, its first in the Philippines, will translate to a minority equity interest in the Mynt. Other terms of the investment remain confidential.
“Mynt has made great strides in the fintech space in the Philippines. Recognizing this fact and our shared values, Bow Wave supports the vision of Mynt to provide finance for all Filipinos. We are excited for this investment and we hope to add value to Mynt as it realizes its vision.” – Itai Lemberger, Founder and CIO of Bow Wave.